IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister
Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of...
Economy
Economy
Saudi Finance Ministry forecasts kingdom’s GDP to grow by 7.4%
The Saudi Finance Ministry has forecast the kingdom's real gross domestic product to grow by 7.4 percent.
- The expected growth is driven by a rise in the oil GDP associated with the Organization of the Petroleum Exporting Countries agreement and the expected improvement in non-oil GDP
- As the economy continues to recover from pandemic repercussions, the government will continue to enhance the role of the private sector to be the main motivator of economic growth
Business
Qatar Development Bank launches program for micro-enterprises
Qatar Development Bank (QDB) announced the launch of a version of the "Al Dhameen" program for micro-enterprises, for the first...
- Al Dhameen program for micro-enterprises is characterized by a profit rate and distinct conditions.
- He noted the program will contribute to the development of the national business system in terms of access to financing.
Geostrategy
EU plans to punish Russia more with sanctions on oil or coal
The EU is considering to hit Russia with sanctions on oil or coal over the war in Ukraine, a top...
- The Europeans are under pressure to hit Moscow in the crucial energy sector and stop paying out the huge proceeds from gas, oil and coal
- Since Russia's military buildup against Ukraine began, sanctions against Moscow have been coordinated with the US and its Western allies
Economy
Lebanon central bank not bankrupt, says governor
Lebanon’s Deputy Prime Minister Saadeh al-Shami claimed on Monday that the country and its central bank had gone bankrupt. The...
- Lebanon is in the third year of a financial implosion, which is widely blamed by experts on decades of corruption and bad policies
- These have led the currency to crash in value by more than 90 percent since end-2019, and banks to lock most savers out of hard currency
Infographics
Islamic banking tipped to grow in GCC
Of recent, Islamic banking has been getting quite a boost from governments and financial institutions in the Gulf Cooperation Council.
- Islamic banks are prohibited from collecting or paying interest, which raises the question: How do they make a profit, or even stay in business?
- The answer is that they make money through equity participation, which requires a borrower to give the bank a share of their profits
Economy
$2.4m grant for West Bank project to improve livelihoods
A grant of $2.4 million from the Japan Social Development Fund (JSDF) will help increase economic opportunities and improve the...
- The grant from Japan Social Development Fund will improve the lives of fragile communities along the Palestinian Heritage Trail across the West Bank.
- The Palestinian territories have faced long-lasting instability, exacerbating macroeconomic volatility, and increasing unemployment for over a quarter of the population.
Economy
Saudi non-oil private sector posts fastest growth in four years
The non-oil private sector of Saudi Arabia has recorded more growth in March than it did in more than four...
- the seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index posted at 56.8 in March, rising from 56.2 in February, with the Output Index recording the highest growth
- However, it highlighted that a sharp rise in global energy and commodity prices due to the Russia-Ukraine war had imposed an inflated cost burden on Saudi Arabian businesses
Economy
Oman to generate 25 GW of solar, wind energy
The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce...
- The country aims to produce 25 gigawatts (GW) of renewable solar and wind energy, which will be used to produce over 1.5 million tons of carbon-free hydrogen per year.
- Najla Zuhair Al Jamali, Executive Manager of Alternative Energy at OQ said that GEO is at the vanguard of mega-scale green fuels projects
Economy
Japan grants $3.35m emergency aid to Gaza Strip
Japan will provide humanitarian assistance, such as food provision, targeted at vulnerable Palestinians.
- Japan will provide humanitarian assistance, such as food provision, targeted at vulnerable Palestinians
- The humanitarian situation in Gaza Strip has significantly deteriorated due to the COVID-19 pandemic and floods
Business
Saudi Arabia launches platform with Homeland of Dates tag
The Saudidates platform is expected to help the center promote digital transformation and digitize markets and the entire sectors.
- The National Center for Palms and Dates in Saudi Arabia has launched a platform called Saudidates
- The platform is one of the center’s projects to invest in the history and culture of the kingdom
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IOTA Foundation launches US$10m investment fund at Investopia 2024
ABU DHABI, UAE – Minister of Economy and Chairman of Investopia Abdullah bin Touq Al Marri attended the unveiling of...
Business
Company News
Latest News
Disparity remains as Saudis, Emiratis see wealth gains
The financial landscape of Saudi Arabia and the UAE is undergoing a significant transformation, with most adults in the region...
Economy
Saudi, Chinese companies, banks sign 12 pacts worth $1.33bn
Beijing, China - Saudi Arabian and Chinese companies and banks on Wednesday signed 12 agreements involving an investment exceeding $1.33...
Business
Dubai leverages AI robots in testing construction materials
Dubai, UAE - Dubai has started using robots that employ X-Rays and other latest AI technologies to carry out automated...
Business
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Business
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis technology using solar energy.
- The water desalination capacity in Dubai is currently 490 MIGD and this capacity will increase to 670 MIGD in 2026 with the completion of this project.
Geostrategy
Russian defense officials meet Saudi Arabian, Iranian counterparts
MOSCOW, RUSSIA - The 11th Moscow Conference on International Security, held at the Patriot Congress and Exhibition Center here, saw...
- The conference saw participation from over 800 delegates from 76 countries, including China, India, South Africa, Israel, Turkey, Mexico, the UAE, Saudi Arabia.
- Representatives from eight international organizations, including the UN, CSTO, SCO, ASEAN, Arab League, and the African Union took part in the conference.
Economy
Saudis, Emiratis gain wealth, but disparity remains
In 2022, 45 percent of adults in Saudi Arabia had a net worth of less than $10,000, against 43 percent...
- The net worth per adult in Saudi Arabia surged by an impressive 8.6 percent in 2021, followed by a 6.6 percent increase in 2022, both measured in US dollars.
- The Gini coefficient for wealth inequality in 2022 was 86.7 in Saudi Arabia and 86.9 in the UAE, placing both nations among the highest in global wealth inequality rankings.